Banking giant JP Morgan's India arm has leased 1.16 lakh square feet of office space at an under-construction development by Japanese firm Sumitomo Realty and Development's India subsidiary Goisu Realty at Bandra Kurla Complex in Mumbai for a monthly rent of Rs 6.91 crore, representing a starting rent of Rs 595 per square foot per month.
The lease is expected to start from October 2026, according to transaction documents accessed by real estate data analytics firm PropStack.
The agreement was sealed on June 16, 2025, according to the documents. Over the agreed ten year lease, the rent is slated to increase by 15 percent every three years.
The pre-leased space is located on the 11th and 12th floors of the under-construction property, in BKC's G-Block, where a number of banking and financial services giants have their corporate offices, as well as professional services firms, government entities, convention centres, and the US Consulate in Mumbai.
Goisu Realty leased the land parcel from the Mumbai Metropolitan Region Development Authority (MMRDA) in June 2020 for a 80 year period, and the company also has another under-construction project in the area. JP Morgan has existing offices in Mumbai at Goregaon (East), and also on the northern edge of BKC.
A spokesperson for JP Morgan declined to comment on the matter. Goisu Realty could not be reached for comment.
Property experts say that despite current issues related to infrastructure and the lack of new Grade-A office space supply, BKC and its surroundings remain the preferred destination for financial services firms, with very low levels of vacancy, and rents routinely trading above Rs 500 per square foot per month.
After years of lean supply, the two under-construction developments by Goisu Realty are attracting attention from the number of companies for leasing, according to property consultants. Recent land allotments by MMRDA to various entities are also expected to increase high-quality office supply in the area. Besides Goisu Realty, companies such as Prestige Group and Adani Realty are also undertaking office and mixed-use developments in the area.
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